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EDA RESOLUTION 18 -EDA -317 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION APPROVING SUBORDINATION AGREEMENT AND ASSIGNMENT OF CONTRACT FOR PRIVATE DEVELOPMENT AND TAX INCREMENT FINANCING WHEREAS, the Mounds View Economic Development Authority (the "Authority") and Boulevard Apartments, Limited Partnership, a Minnesota limited partnership (the "Developer"), have entered into that certain Contract for Private Development (the "Contract") setting forth the terms and conditions regarding a 60 -unit affordable housing facility (the "Minimum Improvements") on certain real property within Ramsey County, Minnesota platted as Boulevard (the "Property'); and WHEREAS, the Contract further sets forth the Authority's agreement to provide tax increment financing to the Developer in the form of reimbursements to the Developer out of tax increments derived from the Property (the "Tax Increment Financing") as consideration for constructing the Minimum Improvements and maintaining certain low income housing rental units; and WHEREAS, Pursuant to the terms of the Contract, the Authority will issue its Tax Increment Revenue Note, Series 20_ (the "TIF Note") to the Developer; and WHEREAS, the Authority and the Developer have also entered into that certain Minimum Assessment Agreement and that certain Purchase and Development Agreement, and the Developer, for the benefit of the EDA, further executed a Declaration of Restrictive Covenants, all of which relate to the project (collectively, the "Additional Project Documents"); and WHEREAS, the Developer and Minnesota Housing Finance Agency (the "Lender") have negotiated the terms of financing for (among other things) construction of the Minimum Improvements, and have requested that the Authority consent to the assignment of the Contract and the Tax Increment Financing, including the TIF Note, to the Lender (the "Assignment"); and WHEREAS, there has been presented before this Authority an Assignment of Development Agreement and an Assignment of Tax Increment Financing (collectively, the "Assignment Documents"), which are each proposed to be entered into between the Developer and the Lender; and WHEREAS, there has also been presented before this Authority a Subordination Agreement, through which the Contract and the Additional Project Documents are to be subordinated to the loans made by the Lender to the Developer (the "Subordination Agreement"); and 1 5471141 DTA M020547